A solid Q1, but Denmark stands out on the negative side
Alcadon reported sales in line with our expectations but better margins, leading to an 8% adj. EBITA beat. Gross margins seem to have once again stabilised following last year's FX and input cost issues. Moreover, strong demand for data centres helped drive a continued solid performance in the UK, with the legacy market Sweden also reporting impressive numbers. However, in Denmark, where Alcadon has ~90% of sales from fibre-to-the-home (FTTH), there was a significant sales decline due to postponed projects.
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